Saturday, October 16, 2010

Hicks Attempting To Sell Shares To Block LFC Sale

Liverpool co-owner Tom Hicks is attempting to hijack the sale of the club by offloading his stake in the Reds to US hedge fund Mill Financial. The club were hopeful of ending the ownership saga on Friday by selling to North England Sports Ventures (NESV). Hicks believes he can scupper those plans by selling to Mill, which assumed control of American businessman George Gillett's 50% stake in August. It would then pay off the £237m debt owed to Royal Bank of Scotland (RBS). NESV's £300m deal is being held up by restraining order issued by a court in Texas, which is set to resume its hearing at 1300 BST. BBC Sports editor David Bond said: "They are still bound by the restraining order which hasn't been lifted because the Dallas court inexplicably adjourned overnight. "The feeling is that this was done to buy Hicks time to get a deal with Mill Financial done and potentially transfer the [debt] this morning, which leaves NESV in a difficult position because if the RBS debt is paid off a lot of pressure to sell to John Henry goes off." But on Friday, NESV owner Henry said on his Twitter feed: "We have a binding contract. Will fight Mill Hicks Gillett attempt to keep club today. Their last desperate attempt to entrench their regime." More to follow.

No comments:

Post a Comment